The Vietnamese Ministry of Industry and Trade is actively implementing a lot of supporting industry development programmes, given the great importance of supporting industries.

Illustrative image (Source: VNA)

Thanks to these programmes, Vietnamese businesses have been facilitated to apply modern quality management standards and systems, increase the quality of their products, and gradually participate in global supply chains.

However, deputy head of the Science Institute on Small-and-Medium Enterprises Management (SISME) Nguyen Kim Hung said that businesses are facing difficulties in approaching credit, due to specific characteristics of supporting industrial production as well as the low starting point of small- and medium-sized enterprises.

In this context, Chairman of the Viet Nam Chamber of Commerce and Industry Vu Tien Loc stressed the need for mechanisms and policies to develop supporting industries, strengthen connectivity, take advantage of new markets, and expand supply channels and diversify markets.

Accordingly, it is necessary to build and govern national industrial policies with the focus on Viet Nam’s advantageous fields, develop micro-, small- and medium-sized enterprises, develop domestic private enterprises, and step up reform in the State sector, Loc added.

The Vietnamese Government recently issued Resolution No. 115 on solutions to promote the development of the supporting industries. The resolution is hoped to create a premise for ministries and sectors to research and put forward specific policies to deal with existing shortcomings.

Substantial, strong and timely policies are expected to boost the development of supporting industries, thus opening up big opportunities for Viet Nam to anticipate investment flows.

To realise the resolution, the Ministry of Industry and Trade inaugurated the Viet Nam – Republic of Korea consultancy and technology solution centre (VITASK) and a pattern technical centre. The inauguration marked a breakthrough of the ministry in supporting domestic enterprises in participating in global supply chains, and meeting Korean enterprises’ demand for high-quality human resources and potential suppliers.

Source: VNA